After a nearly two-year investigation, the European Trade Commission accused 13 of the world’s largest banks as well as International Swaps and Derivatives Association Inc. (ISDA) and Markit Group Ltd. of colluding to block two exchanges from establishing credit-default swap exchanges by denying them the necessary licenses to operate the trading platforms. According to the Commission, as part of their conspiracy, the banks told ISDA and Markit to only license Deutsche Boerse AG and the Chicago Mercantile Exchange Inc. for over-the-counter derivative trading. This allowed the banks to maintain their spot as middlemen for over-the-counter derivatives trading inEurope, the commission said. The banks also used other tactics to shut out the competition, including coordinating their choices of preferred clearinghouses for CDS transactions, as the Commission pointed out.